Seanad debates

Thursday, 16 December 2010

Credit Institutions (Stabilisation) Bill 2010: Second Stage

 

The purpose of these amendments is to facilitate the State's own contribution to the EU-IMF programme of financial support for Ireland over the next three years. It is without question that the powers being provided to the Minister for Finance under this Bill are extensive. They are, however, targeted and proportionate to the scale of the challenge we face. They are subject to consultation with the Governor of the Central Bank and within a clear framework for appropriate judicial oversight. It is important to note the programme also requires us to prepare and publish bank resolution legislation of a more comprehensive and final character by the end of February. The Governor will have a central role in that legislation.

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